Weyerhaeuser Reports Fourth Quarter, Record Full Year Results

Rhea-AI Summary

Weyerhaeuser Company (NYSE: WY) reported strong fourth quarter results, with net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion, a year-over-year increase. Full-year earnings reached a record $2.6 billion, up from $797 million in 2020. The company declared a $1.45 per share supplemental dividend, returning over $2 billion to shareholders, or 79% of 2021 Adjusted Funds Available for Distribution (FAD). The outlook for Q1 2022 remains positive, anticipating higher earnings driven by strong demand fundamentals.

Positive

• Record full-year net earnings of $2.6 billion, or $3.47 per diluted share, unmatched performance.
• Declared a supplemental dividend of $1.45 per share, returning $2 billion to shareholders.
• Fourth quarter adjusted EBITDA increased to $674 million from $657 million year-over-year.
• Expectations for significantly higher Q1 2022 earnings and adjusted EBITDA compared to Q4 2021.

Negative

• Fourth quarter net earnings decreased from $482 million in Q3 2021.
• Lower real estate sales impacted earnings and adjusted EBITDA in Q4 2021.

SEATTLE, Jan. 28, 2022 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion. This compares with net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion for the same period last year and net earnings of $482 million for the third quarter of 2021. Excluding a total after-tax benefit of $49 million for special items, the company reported fourth quarter net earnings of $367 million, or 49 cents per diluted share. This compares with net earnings before special items of $361 million for the same period last year and $450 million for the third quarter of 2021. Adjusted EBITDA for the fourth quarter of 2021 was $674 million compared with $657 million for the same period last year and $746 million for the third quarter of 2021.

View our earnings release and financial statements in a printer-friendly PDF.

For the full year 2021, Weyerhaeuser reported record net earnings of $2.6 billion, or $3.47 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $797 million on net sales of $7.5 billion for the full year 2020. Full year 2021 includes a total after-tax benefit of $81 million for special items. Excluding these items, the company reported net earnings of $2.5 billion, or $3.37 per diluted share. This compares with net earnings before special items of $962 million for the full year 2020. Adjusted EBITDA for full year 2021 was a record $4.1 billion compared with $2.2 billion for full year 2020.

This morning, the company declared a $1.45 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning more than $2 billion of cash, or 79 percent of 2021 Adjusted FAD, to shareholders based on our 2021 results.

"Our 2021 financial performance was the strongest on record and each of our businesses delivered exceptional results despite persistent operational and market challenges," said Devin W. Stockfish, president and chief executive officer. "Our teams delivered the highest Wood Products Adjusted EBITDA on record, captured over $70 million of operational excellence improvements, optimized our timberlands holdings through strategic transactions in Alabama and Washington, and launched our new Natural Climate Solutions business. As we enter 2022, we continue to be encouraged by strong demand fundamentals that will drive growth for our businesses and remain focused on creating superior value for shareholders through our unmatched portfolio of assets, industry-leading operating performance, strong ESG foundation and disciplined capital allocation."

 

WEYERHAEUSER FINANCIAL HIGHLIGHTS		2021		2021		2020		2021		2020
(millions, except per share data)		Q3		Q4		Q4		Full Year		Full Year
Net sales		$2,345		$2,206		$2,063		$10,201		$7,532
Net earnings		$482		$416		$292		$2,607		$797
Net earnings per diluted share		$0.64		$0.55		$0.39		$3.47		$1.07
Weighted average shares outstanding, diluted		751		751		749		751		748
Net earnings before special items(1)(2)		$450		$367		$361		$2,526		$962
Net earnings per diluted share before special items(1)		$0.60		$0.49		$0.48		$3.37		$1.29
Adjusted EBITDA(1)		$746		$674		$657		$4,094		$2,201
Net cash from operations		$659		$494		$444		$3,159		$1,529
Adjusted FAD(3)		$561		$181		$362		$2,623		$1,240

(1)	Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.
(2)	Fourth quarter 2021 after-tax special items include a $28 million product remediation insurance recovery, a $12 million noncash legal benefit and a $9 million insurance recovery. Special items for prior periods presented are included in the reconciliation tables within this release.
(3)	Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release.

 

TIMBERLANDS
FINANCIAL HIGHLIGHTS		2021		2021
(millions)		Q3		Q4		Change
Net sales		$552		$565		$13
Net contribution to pretax earnings		$133		$110		$(23)
Pretax benefit for special items		$(32)		$—		$32
Net contribution to pretax earnings before special items		$101		$110		$9
Adjusted EBITDA		$165		$176		$11

Q4 2021 Performance – In the West, fee harvest volumes were slightly higher than the third quarter and per unit log and haul costs were lower. Domestic sales realizations were comparable and export sales realizations were slightly higher, driven by strong demand in Japan. In the South, sales realizations for sawlogs and fiber logs increased slightly as mills continued to bolster inventories, and fee harvest volumes were modestly higher as weather conditions improved from the third quarter. Per unit log and haul costs were slightly higher, primarily due to increased transportation costs.

Q1 2022 Outlook – Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be significantly higher than the fourth quarter. In the West, the company expects significantly higher domestic sales realizations and fee harvest volumes, moderately higher export sales realizations, and seasonally lower forestry and road costs. Per unit log and haul costs are expected to be moderately lower than the fourth quarter. In the South, the company expects comparable sales realizations and seasonally lower forestry and road costs. This is expected to be offset by slightly higher per unit log and haul costs and slightly lower fee harvest volumes.

 

REAL ESTATE, ENERGY & NATURAL RESOURCES
FINANCIAL HIGHLIGHTS		2021		2021
(millions)		Q3		Q4		Change
Net sales		$69		$59		$(10)
Net contribution to pretax earnings		$45		$36		$(9)
Adjusted EBITDA		$60		$49		$(11)

Q4 2021 Performance – Earnings and Adjusted EBITDA decreased from the third quarter due to lower real estate sales. The number of acres sold decreased due to the timing of transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $296 million.

Q1 2022 Outlook – Weyerhaeuser expects first quarter earnings and Adjusted EBITDA will be slightly higher than first quarter 2021 due to an increase in real estate acres sold. The company anticipates full year 2022 Adjusted EBITDA for the segment will be approximately $300 million. 

 

WOOD PRODUCTS
FINANCIAL HIGHLIGHTS		2021		2021
(millions)		Q3		Q4		Change
Net sales		$1,853		$1,718		$(135)
Net contribution to pretax earnings		$517		$516		$(1)
Pretax benefit for special items		$—		$(50)		$(50)
Net contribution to pretax earnings before special items		$517		$466		$(51)
Adjusted EBITDA		$565		$517		$(48)

Q4 2021 Performance – Sales realizations for lumber increased by 15 percent compared with the third quarter average, which was more than offset by a 29 percent decrease for oriented strand board. Sales volumes were significantly lower than the third quarter for lumber and slightly lower for oriented strand board, largely due to weather-related transportation challenges in Canada. Raw material costs for engineered wood products were significantly lower, primarily for oriented strand board webstock. Sales realizations improved across most engineered wood products, partially offset by lower sales volumes due to planned maintenance. Distribution commodity product margins were significantly higher, slightly offset by seasonally lower sales volumes.

Fourth quarter pretax special items include a $37 million product remediation recovery and a $13 million insurance recovery.

Q1 2022 Outlook – Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be comparable to the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. The company expects modestly higher sales volumes for oriented strand board, partially offset by moderately higher fiber costs. For lumber, the company expects moderately higher log costs and slightly lower sales volumes, partially offset by improved unit manufacturing costs. Engineered wood products sales volumes are expected to be higher with comparable sales realizations.

 

UNALLOCATED
FINANCIAL HIGHLIGHTS		2021		2021
(millions)		Q3		Q4		Change
Net charge to pretax earnings		$(50)		$(57)		$(7)
Pretax benefit for special items		$—		$(15)		$(15)
Net charge to pretax earnings before special items		$(50)		$(72)		$(22)
Adjusted EBITDA		$(44)		$(68)		$(24)

Q4 2021 Performance – Fourth quarter results include an adjustment to our self-insurance accruals, primarily due to elevated medical claims activity.  

Fourth quarter special items include a $15 million pretax noncash legal benefit.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2021, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 28, 2022 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 28, 2022.

To join the conference call from within North America, dial 877-407-0792 (access code: 13724913) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13724913). Replays will be available for two weeks at 844-512-2921 (access code: 13724913) from within North America, and at 412-317-6671 (access code: 13724913) from outside North America.

FORWARD-LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: demand fundamentals and expected growth in our businesses; first quarter earnings and Adjusted EBITDA for each of our businesses and full-year Adjusted EBITDA for our Real Estate, Energy & Natural Resources business; domestic and export log sales realizations, fee harvest volumes, forestry and road costs, and log and haul costs for our Timberlands business; real estate sales volume for our Real Estate, Energy & Natural Resources business; and raw materials costs, sales volumes and realizations and unit manufacturing costs for our Wood Products business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words such as "anticipate," "expect," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

• the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar;
• the effect of COVID-19 and other viral or disease outbreaks, including but not limited to any related regulatory restrictions or requirements, and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;
• market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;
• changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen;
• restrictions on international trade and tariffs imposed on imports or exports;
• the availability and cost of shipping and transportation;
• economic activity in Asia, especially Japan and China;
• performance of our manufacturing operations, including maintenance and capital requirements;
• potential disruptions in our manufacturing operations;
• the level of competition from domestic and foreign producers;
• the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;
• the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;
• raw material availability and prices;
• the effect of weather;
• changes in global or regional climate conditions and governmental response to such changes;
• the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
• energy prices;
• transportation and labor availability and costs;
• federal tax policies;
• the effect of forestry, land use, environmental and other governmental regulations;
• legal proceedings;
• performance of pension fund investments and related derivatives;
• the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation;
• the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;
• changes in accounting principles; and
• other risks and uncertainties identified in our 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

For more information contact:		Analysts - Andy Taylor 206-539-3907
		Media - Nancy Thompson 919-861-0342

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2021:

 

(millions)		Timberlands		Real Estate & ENR		Wood Products		Unallocated Items		Total
Adjusted EBITDA by Segment:
Net earnings										$2,607
Interest expense, net of capitalized interest										313
Income taxes										709
Net contribution (charge) to earnings		$464		$210		$3,211		$(256)		$3,629
Non-operating pension and other post-employment benefit costs		—		—		—		19		19
Interest income and other		—		—		—		(5)		(5)
Operating income (loss)		464		210		3,211		(242)		3,643
Depreciation, depletion and amortization		261		15		196		5		477
Basis of real estate sold		—		71		—		—		71
Special items included in operating income (loss)(1)(2)(3)		(32)		—		(50)		(15)		(97)
Adjusted EBITDA		$693		$296		$3,357		$(252)		$4,094

(1)	Operating income (loss) for Timberlands includes a pretax special item consisting of a $32 million gain on the sale of timberlands.
(2)	Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.
(3)	Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

 

The table below reconciles Adjusted EBITDA for the year ended December 31, 2020:

 

(millions)		Timberlands		Real Estate & ENR		Wood Products		Unallocated Items		Total
Adjusted EBITDA by Segment:
Net earnings										$797
Interest expense, net of capitalized interest(1)										443
Income taxes										185
Net contribution (charge) to earnings		$455		$86		$1,340		$(456)		$1,425
Non-operating pension and other post-employment benefit costs(2)		—		—		—		290		290
Interest income and other		—		—		—		(5)		(5)
Operating income (loss)		455		86		1,340		(171)		1,710
Depreciation, depletion and amortization		257		14		195		6		472
Basis of real estate sold		—		141		—		—		141
Special items included in operating income (loss)(3)(4)(5)		(102)		—		(8)		(12)		(122)
Adjusted EBITDA		$610		$241		$1,527		$(177)		$2,201

(1)	Interest expense, net of capitalized interest includes pretax special items consisting of $92 million of charges related to the early extinguishment of debt.
(2)	Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.
(3)	Operating income (loss) for Timberlands includes pretax special items consisting of a $182 million gain on sale of certain southern Oregon timberlands and an $80 million timber casualty loss.
(4)	Operating income (loss) for Wood Products includes a pretax special item consisting of an $8 million product remediation insurance recovery.
(5)	Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $12 million noncash legal benefit.

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2021:

 

(millions)		Timberlands		Real Estate & ENR		Wood Products		Unallocated Items		Total
Adjusted EBITDA by Segment:
Net earnings										$416
Interest expense, net of capitalized interest										77
Income taxes										112
Net contribution (charge) to earnings		$110		$36		$516		$(57)		$605
Non-operating pension and other post-employment benefit costs		—		—		—		5		5
Interest income and other		—		—		—		(1)		(1)
Operating income (loss)		110		36		516		(53)		609
Depreciation, depletion and amortization		66		4		51		—		121
Basis of real estate sold		—		9		—		—		9
Special items included in operating income (loss)(1)(2)		—		—		(50)		(15)		(65)
Adjusted EBITDA		$176		$49		$517		$(68)		$674

(1)	Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.
(2)	Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

 

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2021:

 

(millions)		Timberlands		Real Estate & ENR		Wood Products		Unallocated Items		Total
Adjusted EBITDA by Segment:
Net earnings										$482
Interest expense, net of capitalized interest										79
Income taxes										84
Net contribution (charge) to earnings		$133		$45		$517		$(50)		$645
Non-operating pension and other post-employment benefit costs		—		—		—		5		5
Interest income and other		—		—		—		(1)		(1)
Operating income (loss)		133		45		517		(46)		649
Depreciation, depletion and amortization		64		4		48		2		118
Basis of real estate sold		—		11		—		—		11
Special items included in operating income (loss)(1)		(32)		—		—		—		(32)
Adjusted EBITDA		$165		$60		$565		$(44)		$746

(1)	Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2020:

 

(millions)		Timberlands		Real Estate & ENR		Wood Products		Unallocated Items		Total
Adjusted EBITDA by Segment:
Net earnings										$292
Interest expense, net of capitalized interest(1)										144
Income taxes										19
Net contribution (charge) to earnings		$286		$14		$481		$(326)		$455
Non-operating pension and other post-employment benefit costs(2)		—		—		—		262		262
Interest income and other		—		—		—		—		—
Operating income (loss)		286		14		481		(64)		717
Depreciation, depletion and amortization		63		4		49		1		117
Basis of real estate sold		—		5		—		—		5
Special items included in operating income (loss)(3)		(182)		—		—		—		(182)
Adjusted EBITDA		$167		$23		$530		$(63)		$657

(1)	Interest expense, net of capitalized interest includes a pretax special item consisting of a $58 million charge related to the early extinguishment of $500 million of 4.625 percent notes due September 2023.
(2)	Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.
(3)	Operating income (loss) includes a pretax special item consisting of a $182 million gain on sale of certain southern Oregon timberlands.

 

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings:

 

		2021		2021		2020		2021		2020
(millions)		Q3		Q4		Q4		Full Year		Full Year
Net earnings		$482		$416		$292		$2,607		$797
Early extinguishment of debt charges		—		—		58		—		92
Gain on sale of timberlands		(32)		—		(182)		(32)		(182)
Insurance recovery		—		(9)		—		(9)		—
Legal benefits		—		(12)		—		(12)		(12)
Pension settlement charge		—		—		193		—		193
Product remediation recoveries		—		(28)		—		(28)		(6)
Timber casualty loss		—		—		—		—		80
Net earnings before special items		$450		$367		$361		$2,526		$962

 

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

 

		2021		2021		2020		2021		2020
		Q3		Q4		Q4		Full Year		Full Year
Net earnings per diluted share		$0.64		$0.55		$0.39		$3.47		$1.07
Early extinguishment of debt charges		—		—		0.07		—		0.12
Gain on sale of timberlands		(0.04)		—		(0.24)		(0.04)		(0.24)
Insurance recovery		—		(0.01)		—		(0.01)		—
Legal benefits		—		(0.01)		—		(0.01)		(0.02)
Pension settlement charge		—		—		0.26		—		0.26
Product remediation recoveries		—		(0.04)		—		(0.04)		(0.01)
Timber casualty loss		—		—		—		—		0.11
Net earnings per diluted share before special items		$0.60		$0.49		$0.48		$3.37		$1.29

 

RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS

We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.

The table below reconciles Adjusted FAD to net cash from operations:

 

		2021		2021		2020		2021		2020
(millions)		Q3		Q4		Q4		Full Year		Full Year
Net cash from operations		$659		$494		$444		$3,159		$1,529
Capital expenditures		(98)		(218)		(82)		(441)		(281)
Adjustments to FAD(1)		—		(95)		—		(95)		(8)
Adjusted FAD		$561		$181		$362		$2,623		$1,240

(1)	Adjustments to FAD include a $95 million tax refund received in fourth quarter 2021 associated with our $300 million voluntary contribution to our U.S. qualified pension plan in 2018 and an $8 million product remediation insurance recovery received in second quarter 2020.

 

Weyerhaeuser Company	Exhibit 99.2
Q4.2021 Analyst Package
Preliminary results (unaudited)

 

Consolidated Statement of Operations
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Net sales		$	2,506			$	3,144			$	2,345			$	2,206			$	2,063			$	10,201			$	7,532
Costs of sales			1,430				1,583				1,589				1,501				1,392				6,103				5,447
Gross margin			1,076				1,561				756				705				671				4,098				2,085
Selling expenses			20				24				24				27				21				95				83
General and administrative expenses			90				95				98				113				93				396				347
Gain on sale of timberlands			—				—				(32)				—				(182)				(32)				(182)
Other operating costs (income), net			10				13				17				(44)				22				(4)				127
Operating income			956				1,429				649				609				717				3,643				1,710
Non-operating pension and other post-employment benefit costs			(8)				(1)				(5)				(5)				(262)				(19)				(290)
Interest income and other			1				2				1				1				—				5				5
Interest expense, net of capitalized interest			(79)				(78)				(79)				(77)				(144)				(313)				(443)
Earnings before income taxes			870				1,352				566				528				311				3,316				982
Income taxes			(189)				(324)				(84)				(112)				(19)				(709)				(185)
Net earnings		$	681			$	1,028			$	482			$	416			$	292			$	2,607			$	797

 

Per Share Information
		Q1				Q2				Q3				Q4								Year-to-Date
		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Earnings per share
Basic		$	0.91			$	1.37			$	0.64			$	0.56			$	0.39			$	3.48			$	1.07
Diluted		$	0.91			$	1.37			$	0.64			$	0.55			$	0.39			$	3.47			$	1.07
Dividends paid per common share		$	0.17			$	0.17			$	0.17			$	0.67			$	0.17			$	1.18			$	0.51
Weighted average shares outstanding (in thousands):
Basic			748,718				750,127				750,105				749,020				747,294				749,496				746,931
Diluted			750,024				751,508				751,443				750,942				749,004				750,983				747,899
Common shares outstanding at end of period (in thousands)			748,751				749,782				749,037				747,301				747,385				747,301				747,385

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Net earnings		$	681			$	1,028			$	482			$	416			$	292			$	2,607			$	797
Non-operating pension and other post-employment benefit costs			8				1				5				5				262				19				290
Interest income and other			(1)				(2)				(1)				(1)				—				(5)				(5)
Interest expense, net of capitalized interest			79				78				79				77				144				313				443
Income taxes			189				324				84				112				19				709				185
Operating income			956				1,429				649				609				717				3,643				1,710
Depreciation, depletion and amortization			118				120				118				121				117				477				472
Basis of real estate sold			27				24				11				9				5				71				141
Special items included in operating income			—				—				(32)				(65)				(182)				(97)				(122)
Adjusted EBITDA(1)		$	1,101			$	1,573			$	746			$	674			$	657			$	4,094			$	2,201

(1)

Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Weyerhaeuser Company	Total Company Statistics
Q4.2021 Analyst Package
Preliminary results (unaudited)

 

Special Items Included in Net Earnings (Income Tax Affected)
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Net earnings		$	681			$	1,028			$	482			$	416			$	292			$	2,607			$	797
Early extinguishment of debt charges(1)			—				—				—				—				58				—				92
Gain on sale of timberlands			—				—				(32)				—				(182)				(32)				(182)
Insurance recovery			—				—				—				(9)				—				(9)				—
Legal benefits			—				—				—				(12)				—				(12)				(12)
Pension settlement charge			—				—				—				—				193				—				193
Product remediation recoveries			—				—				—				(28)				—				(28)				(6)
Timber casualty loss			—				—				—				—				—				—				80
Net earnings before special items(2)		$	681			$	1,028			$	450			$	367			$	361			$	2,526			$	962

 

		Q1				Q2				Q3				Q4								Year-to-Date
		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Net earnings per diluted share		$	0.91			$	1.37			$	0.64			$	0.55			$	0.39			$	3.47			$	1.07
Early extinguishment of debt charges(1)			—				—				—				—				0.07				—				0.12
Gain on sale of timberlands			—				—				(0.04)				—				(0.24)				(0.04)				(0.24)
Insurance recovery			—				—				—				(0.01)				—				(0.01)				—
Legal benefits			—				—				—				(0.01)				—				(0.01)				(0.02)
Pension settlement charge			—				—				—				—				0.26				—				0.26
Product remediation recoveries			—				—				—				(0.04)				—				(0.04)				(0.01)
Timber casualty loss			—				—				—				—				—				—				0.11
Net earnings per diluted share before special items(2)		$	0.91			$	1.37			$	0.60			$	0.49			$	0.48			$	3.37			$	1.29

(1)	We recorded pretax charges of $11 million ($11 million after-tax), $23 million ($23 million after-tax) and $58 million ($58 million after-tax) related to the early extinguishment of debt in second quarter 2020, third quarter 2020 and fourth quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.
(2)	Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Selected Total Company Items
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Pension and post-employment costs:
Pension and post-employment service costs		$	11			$	10			$	11			$	10			$	9			$	42			$	36
Non-operating pension and other post-employment benefit costs			8				1				5				5				262				19				290
Total company pension and post-employment costs		$	19			$	11			$	16			$	15			$	271			$	61			$	326

 

Weyerhaeuser Company

Q4.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Balance Sheet
in millions		March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents		$	1,016			$	1,777			$	2,326			$	1,879			$	495
Receivables, net			589				702				497				507				450
Receivables for taxes			7				7				72				100				82
Inventories			505				499				499				520				443
Assets held for sale			—				229				—				—				—
Prepaid expenses and other current assets			141				141				146				205				139
Total current assets			2,258				3,355				3,540				3,211				1,609
Property and equipment, net			1,971				1,965				1,924				2,057				2,013
Construction in progress			91				102				169				175				73
Timber and timberlands at cost, less depletion			11,776				11,643				11,606				11,510				11,827
Minerals and mineral rights, less depletion			265				262				258				255				268
Deferred tax assets			106				71				52				17				120
Other assets			407				432				543				503				401
Total assets		$	16,874			$	17,830			$	18,092			$	17,728			$	16,311
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt		$	150			$	150			$	150			$	—			$	150
Accounts payable			236				253				264				281				204
Accrued liabilities			549				775				1,110				749				596
Total current liabilities			935				1,178				1,524				1,030				950
Long-term debt, net			5,325				5,100				5,100				5,099				5,325
Deferred tax liabilities			26				42				28				46				24
Deferred pension and other post-employment benefits			893				747				711				440				911
Other liabilities			367				363				360				346				370
Total liabilities			7,546				7,430				7,723				6,961				7,580
Total equity			9,328				10,400				10,369				10,767				8,731
Total liabilities and equity		$	16,874			$	17,830			$	18,092			$	17,728			$	16,311

 

Weyerhaeuser Company

Q4.2021 Analyst Package

Preliminary results (unaudited)

 

Consolidated Statement of Cash Flows
		Q1				Q2				Q3				Q4								Year-to-Date
in millions		March 31, 2021				June 30, 2021				Sept 30, 2021				Dec 31, 2021				Dec 31, 2020				Dec 31, 2021				Dec 31, 2020
Cash flows from operations:
Net earnings		$	681			$	1,028			$	482			$	416			$	292			$	2,607			$	797
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization			118				120				118				121				117				477				472
Basis of real estate sold			27				24				11				9				5				71				141
Deferred income taxes, net			8				11				(3)				(2)				(76)				14				(56)
Pension and other post-employment benefits			19				11				16				15				271				61				326
Share-based compensation expense			7				8				8				7				8				30				30
Timber casualty loss			—				—				—				—				—				—				80
Gain on sale of timberlands			—				—				(32)				—				(182)				(32)				(182)
Change in:
Receivables, net			(139)				(113)				205				(10)				51				(57)				(141)
Receivables and payables for taxes			120				116				(143)				6				(38)				99				65
Inventories			(60)				9				(4)				(22)				(27)				(77)				(25)
Prepaid expenses and other current assets			(2)				1				(20)				(4)				(9)				(25)				(4)
Accounts payable and accrued liabilities			(60)				125				51				(3)				(20)				113				(17)
Pension and post-employment benefit contributions and payments			(8)				(25)				(23)				(3)				(9)				(59)				(30)
Other			(13)				(7)				(7)				(36)				61				(63)				73
Net cash from operations		$	698			$	1,308			$	659			$	494			$	444			$	3,159			$	1,529
Cash flows from investing activities:
Capital expenditures for property and equipment		$	(31)			$	(62)			$	(91)			$	(202)			$	(67)			$	(386)			$	(225)
Capital expenditures for timberlands reforestation			(22)				(10)				(7)				(16)				(15)				(55)				(56)
Acquisition of timberlands			—				(149)				—				—				(425)				(149)				(425)
Proceeds from note receivable held by variable interest entities			—				—				—				—				—				—				362
Proceeds from sale of timberlands			—				—				261				—				381				261				526
Other			—				1				2				1				—				4				3
Net cash from investing activities		$	(53)			$	(220)			$	165			$	(217)			$	(126)			$	(325)			$	185
Cash flows from financing activities:
Cash dividends on common shares		$	(127)			$	(128)			$	(127)			$	(502)			$	(127)			$	(884)			$	(381)
Net proceeds from issuance of long-term debt			—				—				—				—				—				—				732
Payments on long-term debt			—				(225)				—				(150)				(556)				(375)				(1,492)
Proceeds from borrowings on line of credit			—				—				—				—				—				—				550
Payments on line of credit			—				—				—				—				—				—				(780)
Proceeds from exercise of stock options			17				28				1				5				24				51				33
Repurchases of common shares			—				—				(26)				(74)				—				(100)				—
Other			(14)				(2)				(3)				(3)				(4)				(22)				(20)
Net cash from financing activities		$	(124)			$	(327)			$	(155)			$	(724)			$	(663)			$	(1,330)			$	(1,358)
Net change in cash, cash equivalents and restricted cash		$	521			$	761			$	669			$	(447)			$	(345)			$	1,504			$	356
Cash, cash equivalents and restricted cash at beginning of period			495				1,016				1,777				2,446				840				495				139
Cash, cash equivalents and restricted cash at end of period		$	1,016			$	1,777			$	2,446			$	1,999			$	495			$	1,999			$	495
Cash paid during the period for:
Interest, net of amounts capitalized		$	75			$	79			$	83			$	78			$	87			$	315			$	365
Income taxes, net of refunds		$	66			$	197			$	231			$	115			$	130			$	609			$	176

 

Weyerhaeuser Company	Timberlands Segment
Q4.2021 Analyst Package
Preliminary results (unaudited)

 

Segment Statement of Operations
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Sales to unaffiliated customers		$	379			$	405			$	423			$	429			$	381			$	1,636			$	1,466
Intersegment sales			134				136				129				136				121				535				471
Total net sales			513				541				552				565				502				2,171				1,937
Costs of sales			383				407				428				432				375				1,650				1,491
Gross margin			130				134				124				133				127				521				446
Selling expenses			—				—				1				1				1				2				2
General and administrative expenses			23				23				23				23				23				92				93
Gain on sale of timberlands			—				—				(32)				—				(182)				(32)				(182)
Other operating costs (income), net			(1)				(2)				(1)				(1)				(1)				(5)				78
Operating income and Net contribution to earnings		$	108			$	113			$	133			$	110			$	286			$	464			$	455

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Operating income		$	108			$	113			$	133			$	110			$	286			$	464			$	455
Depreciation, depletion and amortization			64				67				64				66				63				261				257
Special items			—				—				(32)				—				(182)				(32)				(102)
Adjusted EBITDA(1)		$	172			$	180			$	165			$	176			$	167			$	693			$	610

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Segment Special Items Included in Net Contribution to Earnings (Pretax)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Gain on sale of timberlands		$	—			$	—			$	32			$	—			$	182			$	32			$	182
Timber casualty loss		$	—			$	—			$	—			$	—			$	—			$	—			$	(80)

 

Selected Segment Items
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Total decrease (increase) in working capital(2)		$	(13)			$	2			$	1			$	(21)			$	(47)			$	(31)			$	(9)
Cash spent for capital expenditures(3)		$	(28)			$	(21)			$	(27)			$	(38)			$	(29)			$	(114)			$	(104)

(2)	Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
(3)	Does not include cash spent for the acquisition of timberlands.

 

Segment Statistics(4)
			Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Third Party		Delivered logs:
Net Sales		West	$	201			$	222			$	226			$	220			$	201			$	869			$	720
(millions)		South		131				145				153				160				137				589				573
		North		16				9				13				14				15				52				52
		Total delivered logs		348				376				392				394				353				1,510				1,345
		Stumpage and pay-as-cut timber		6				7				9				9				4				31				19
		Recreational and other lease revenue		16				16				16				17				16				65				63
		Other revenue		9				6				6				9				8				30				39
		Total	$	379			$	405			$	423			$	429			$	381			$	1,636			$	1,466
Delivered Logs		West	$	130.69			$	137.80			$	145.64			$	146.39			$	124.37			$	140.08			$	110.69
Third Party Sales		South	$	34.50			$	35.11			$	35.56			$	36.55			$	33.69			$	35.47			$	33.83
Realizations (per ton)		North	$	62.83			$	74.88			$	64.93			$	66.74			$	58.96			$	66.18			$	59.10
Delivered Logs		West		1,539				1,608				1,555				1,501				1,619				6,203				6,506
Third Party Sales		South		3,782				4,150				4,304				4,358				4,097				16,594				16,954
Volumes (tons, thousands)		North		261				115				195				217				241				788				872
Fee Harvest Volumes		West		2,101				2,099				1,930				1,954				2,085				8,084				8,542
(tons, thousands)		South		5,376				5,856				5,912				6,160				5,509				23,304				23,149
		North		337				199				264				285				325				1,085				1,226

(4)	Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

 

Weyerhaeuser Company	Real Estate, Energy & Natural Resources Segment
Q4.2021 Analyst Package
Preliminary results (unaudited)

 

Segment Statement of Operations
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Net sales		$	106			$	110			$	69			$	59			$	30			$	344			$	276
Costs of sales			34				41				18				16				9				109				165
Gross margin			72				69				51				43				21				235				111
General and administrative expenses			6				6				6				7				7				25				25
Operating income and Net contribution to earnings		$	66			$	63			$	45			$	36			$	14			$	210			$	86

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Operating income		$	66			$	63			$	45			$	36			$	14			$	210			$	86
Depreciation, depletion and amortization			3				4				4				4				4				15				14
Basis of real estate sold			27				24				11				9				5				71				141
Adjusted EBITDA(1)		$	96			$	91			$	60			$	49			$	23			$	296			$	241

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Selected Segment Items

in millions

Q1.2021

Q2.2021

Q3.2021

Q4.2021

Q4.2020

YTD.2021

YTD.2020

Cash spent for capital expenditures

$

—

$

—

$

—

$

—

$

—

$

—

$

—

 

Segment Statistics
			Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Net Sales	Real Estate		$	84			$	83			$	45			$	34			$	10			$	246			$	202
(millions)	Energy and Natural Resources			22				27				24				25				20				98				74
	Total		$	106			$	110			$	69			$	59			$	30			$	344			$	276
Acres Sold	Real Estate			19,455				18,415				11,037				6,920				670				55,827				111,898
Price per Acre	Real Estate		$	3,803			$	3,227			$	4,005			$	4,385			$	6,316			$	3,725			$	1,690
Basis as a Percent of Real Estate Net Sales	Real Estate			32	%			29	%			24	%			26	%			50	%			29	%			70	%

 

Weyerhaeuser Company	Wood Products Segment
Q4.2021 Analyst Package
Preliminary results (unaudited)

 

Segment Statement of Operations
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Net sales		$	2,021			$	2,629			$	1,853			$	1,718			$	1,652			$	8,221			$	5,790
Costs of sales			1,124				1,229				1,270				1,185				1,109				4,808				4,221
Gross margin			897				1,400				583				533				543				3,413				1,569
Selling expenses			19				21				21				23				20				84				77
General and administrative expenses			35				35				34				34				34				138				136
Other operating costs (income), net			3				6				11				(40)				8				(20)				16
Operating income and Net contribution to earnings		$	840			$	1,338			$	517			$	516			$	481			$	3,211			$	1,340

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Operating income		$	840			$	1,338			$	517			$	516			$	481			$	3,211			$	1,340
Depreciation, depletion and amortization			49				48				48				51				49				196				195
Special items			—				—				—				(50)				—				(50)				(8)
Adjusted EBITDA(1)		$	889			$	1,386			$	565			$	517			$	530			$	3,357			$	1,527

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Segment Special Items Included in Net Contribution to Earnings (Pretax)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Insurance recovery		$	—			$	—			$	—			$	13			$	—			$	13			$	—
Product remediation recoveries		$	—			$	—			$	—			$	37			$	—			$	37			$	8

 

Selected Segment Items
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Total decrease (increase) in working capital(2)		$	(212)			$	(49)			$	249			$	(11)			$	16			$	(23)			$	(182)
Cash spent for capital expenditures		$	(25)			$	(51)			$	(70)			$	(174)			$	(52)			$	(320)			$	(176)

(2)	Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

 

Segment Statistics
in millions, except for third party sales realizations			Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Structural Lumber	Third party net sales		$	990			$	1,349			$	681			$	701			$	737			$	3,721			$	2,602
(volumes presented	Third party sales realizations		$	864			$	1,077			$	516			$	592			$	609			$	759			$	534
in board feet)	Third party sales volumes(3)			1,145				1,252				1,320				1,185				1,210				4,902				4,873
	Production volumes			1,211				1,234				1,222				1,148				1,179				4,815				4,666
Oriented Strand	Third party net sales		$	438			$	605			$	470			$	327			$	354			$	1,840			$	1,013
Board	Third party sales realizations		$	614			$	911			$	691			$	490			$	503			$	675			$	343
(volumes presented	Third party sales volumes(3)			714				663				681				668				703				2,726				2,956
in square feet 3/8")	Production volumes			742				683				715				725				735				2,865				3,013
Engineered Solid	Third party net sales		$	142			$	166			$	183			$	188			$	132			$	679			$	505
Section	Third party sales realizations		$	2,285			$	2,533			$	3,092			$	3,319			$	2,221			$	2,789			$	2,162
(volumes presented	Third party sales volumes(3)			6.2				6.6				5.9				5.7				6.0				24.4				23.4
in cubic feet)	Production volumes			6.0				6.2				5.8				6.0				6.2				24.0				23.0
Engineered	Third party net sales		$	83			$	104			$	128			$	132			$	85			$	447			$	316
I-joists	Third party sales realizations		$	1,773			$	1,980			$	2,600			$	2,888			$	1,695			$	2,300			$	1,662
(volumes presented	Third party sales volumes(3)			47				53				49				45				50				194				190
in lineal feet)	Production volumes			44				51				49				46				47				190				175
Softwood Plywood	Third party net sales		$	56			$	69			$	45			$	40			$	43			$	210			$	171
(volumes presented	Third party sales realizations		$	594			$	902			$	653			$	581			$	433			$	681			$	411
in square feet 3/8")	Third party sales volumes(3)			94				77				69				68				99				308				414
	Production volumes			80				62				61				60				80				263				347
Medium Density	Third party net sales		$	48			$	43			$	52			$	43			$	47			$	186			$	171
Fiberboard	Third party sales realizations		$	842			$	869			$	943			$	995			$	867			$	908			$	851
(volumes presented	Third party sales volumes(3)			57				50				55				43				54				205				201
in square feet 3/4")	Production volumes			56				52				55				43				52				206				200

(3)	Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

 

Weyerhaeuser Company	Unallocated Items
Q4.2021 Analyst Package
Preliminary results (unaudited)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

 

Net Charge to Earnings
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Unallocated corporate function and variable compensation expense		$	(25)			$	(36)			$	(33)			$	(35)			$	(31)			$	(129)			$	(109)
Liability classified share-based compensation			(1)				—				(1)				(4)				(3)				(6)				(2)
Foreign exchange gain (loss)			(2)				(1)				5				3				(4)				5				(7)
Elimination of intersegment profit in inventory and LIFO			(17)				(28)				12				10				(13)				(23)				(17)
Other, net			(13)				(20)				(29)				(27)				(13)				(89)				(36)
Operating loss			(58)				(85)				(46)				(53)				(64)				(242)				(171)
Non-operating pension and other post-employment benefit costs			(8)				(1)				(5)				(5)				(262)				(19)				(290)
Interest income and other			1				2				1				1				—				5				5
Net charge to earnings		$	(65)			$	(84)			$	(50)			$	(57)			$	(326)			$	(256)			$	(456)

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Operating loss		$	(58)			$	(85)			$	(46)			$	(53)			$	(64)			$	(242)			$	(171)
Depreciation, depletion and amortization			2				1				2				—				1				5				6
Special items			—				—				—				(15)				—				(15)				(12)
Adjusted EBITDA(1)		$	(56)			$	(84)			$	(44)			$	(68)			$	(63)			$	(252)			$	(177)

(1)	See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Unallocated Special Items Included in Net Charge to Earnings (Pretax)
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Legal benefits		$	—			$	—			$	—			$	15			$	—			$	15			$	12
Special items included in operating loss			—				—				—				15				—				15				12
Pension settlement charge			—				—				—				—				(253)				—				(253)
Special items included in net charge to earnings		$	—			$	—			$	—			$	15			$	(253)			$	15			$	(241)

 

Unallocated Selected Items
in millions		Q1.2021				Q2.2021				Q3.2021				Q4.2021				Q4.2020				YTD.2021				YTD.2020
Cash spent for capital expenditures		$	—			$	—			$	(1)			$	(6)			$	(1)			$	(7)			$	(1)

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/weyerhaeuser-reports-fourth-quarter-record-full-year-results-301470443.html

SOURCE Weyerhaeuser Company